2004-08-24
At the end of July 2004 broad money M2 made up LTL 19.4 billion. In the course of one month it increased by LTL 512.8 million, i.e. by 2.7 per cent.
Money M1 grew in one month by LTL 185.0 million (1.7%) to LTL 11.1 billion at the end of July. M1 components - currency in circulation and demand deposits in litas - grew by LTL 116.2 million and LTL 68.8 million, respectively. Changes in deposits of individuals, which increased by LTL 53.7 million, had the biggest impact of the growth of demand deposits.
Quasi-money grew by LTL 327.8 million (4.1%) in July to LTL 8.3 billion at the end of the month. Time and savings deposits in litas increased by LTL 177.2 million, of which deposits of non-financial undertakings increased by LTL 114.4 million, and such deposits of natural persons grew by LTL 62.3 million. The second component of quasi-money, deposits in foreign currencies, also increased by LTL 150.6 million. Such deposits of non-financial undertakings went up by LTL 103.2 million and natural persons by LTL 28.9million.
Changes in the main M2 counterparts ? net foreign assets and domestic credit - went in opposing directions in July. Net foreign assets increased by LTL 822.1 million (12.7%) to LTL 7.3 billion. This growth was mostly determined by the increased foreign assets of the Bank of Lithuania and commercial banks by LTL 304.3 million and LTL 293.0 million, respectively, and the decline of foreign liabilities of commercial banks by LTL 275.1 million. Domestic credit contracted by LTL 1 million and made up LTL 15.3 billion at the end of July. The increase of deposits of central government institutions at the Bank of Lithuania by LTL 96.0 million mostly resulted in the decline of net claims on the central government and mandatory social and health insurance funds by LTL 122.8 million. In July, compared to the previous months, claims on the private sector and non-banking financial institutions declined only insignificantly, by LTL 88.1 million and LTL 28.4 million, respectively.
Other (net) items went up by LTL 308.3 million. The latter development was mostly determined by higher commercial bank liabilities of LTL 182.7 million due to bond issues and the increase of capital accounts.
Banking Survey
| (LTL million, end-of-period) |
| 06/2004 | 07/2004 | Change | ||
| LTL million | % | |||
| FOREIGN ASSETS (NET) | 6,471.6 | 7,293.8 | 822.1 | 12.7 |
| Foreign assets | 12,872.6 | 13,470.0 | 597.4 | 4.6 |
| Foreign liabilities | 6,401.0 | 6,176.2 | -224.7 | -3.5 |
| DOMESTIC CREDIT | 15,295.1 | 15,294.0 | -1.0 | -0.0 |
| Claims on central government and social security funds (net) | -656.8 | -779.5 | -122.8 | -18.7 |
| Claims on local governments | 376.5 | 385.3 | 8.8 | 2.3 |
| Claims on nonfinancial public enterprises | 99.9 | 96.2 | -3.6 | -3.6 |
| Claims on private sector | 13,679.6 | 13,767.7 | 88.1 | 0.6 |
| Claims on nonbank financial institutions | 1,795.9 | 1,824.4 | 28.4 | 1.6 |
| MONEY | 10,872.7 | 11,057.7 | 185.0 | 1.7 |
| Currency in circulation | 4,704.0 | 4,820.1 | 116.2 | 2.5 |
| Demand deposits | 6,168.8 | 6,237.6 | 68.8 | 1.1 |
| QUASI-MONEY | 7,975.4 | 8,303.2 | 327.8 | 4.1 |
| Foreign currency deposits | 3,705.4 | 3,856.1 | 150.6 | 4.1 |
| Time and savings deposits | 4,269.9 | 4,447.1 | 177.2 | 4.1 |
| OTHER ITEMS (NET) | 2,918.6 | 3,226.9 | 308.3 | 10.6 |
Notes
Banking Survey covers the Bank of Lithuania, deposit money banks, branches of foreign banks, credit unions as well as government accounts with IMF.